Issue: Q&A – November 25, 2019

VA – Charging Points on a Streamline IRRRL

Question: Can you charge points without requiring a new appraisal on a VA Streamline IRRRL? VA Refinance Comparison – Chart Answer: The newest guidelines regarding points on IRRRLs were published in Circular 26-19-22. While VA has no prohibition on charging reasonable points, they do have rules regarding adding those points into the loan amount. See […]

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FHA – High School as Employment History

Question: My client has been employed for 1 year and previous to that was a high-school graduate. Will his time in high school count as his employment history? Answer: FHA will allow only one year of employment (and even no job history in the case of a new job offer right after specialized training or […]

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FHA – Gift of Equity to Pay Off Debt

Question: I have a Father selling his home to his son and he would like to give a gift of equity to pay off debt at closing so that the son can qualify to purchase the property. Can this be done? Gift Funds and Gifts of Equity Chart Answer: FHA has no prohibition for using […]

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FHA – Ex-Spouse is on the Title but Not the loan

Question: My client is not on the FHA loan presently on her home, but she is on the title. She is going through a divorce and per her decree the responsible party for that FHA mortgage is her former spouse who also lives there. Can she get another FHA mortgage, or does she have to […]

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Fannie Mae -Student Loans – Documenting Income-Based Repayment Amount

Question: My borrower is on an income-based repayment plan for his student loan, which is $0/month. I have a statement showing the $0 payment as well as the credit report showing a $0 payment. However, processing believes I need more documentation that he is truly on an IBC. What do you recommend that I get? […]

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